The residential lease process is simple yet complex. You may think that because you are renting, you won't require as much paperwork - it's rather the opposite! Below you will find a list of documents that you will need in order to submit and offer to lease for your desired future home.
Required Documentation
When you submit an Offer to Lease, the following documents must be included:
- Full Credit Report with Beacon Score;
- Employment Letter (stating your salary amount and length of employment);
- Rental Application (which will include two references); and
- Latest one or two pay stubs from your Employer, or other proof of income.
The Offer to Lease Submission
The Offer to Lease is then submitted to the Landlord’s Agent on behalf of your Realtor and the Landlord typically has 24 hours to accept, reject or counter sign the Offer (counter sign meaning they make changes and send to you to agree or reject their changes to the Offer). This can go back and forth multiple times if both the Landlord and the Tenant are trying to come to mutual terms of the agreement.
After The Offer to Lease has been Accepted & Executed
Once the Offer is fully accepted and executed by both parties, the Tenant will have a period of 24 hours to deliver a certified cheque or bank draft for the first and last month’s deposit (to be credited towards the first month of the Lease and the last month of the Lease) to the Listing Brokerage (the real estate firm representing the Landlord). This cheque is payable to the Listing Brokerage which will be discussed with your Realtor.
Prior to Closing
The Tenant will be responsible for obtaining Tenant Insurance for the property prior to receiving keys to the suite.
The Tenant may be asked to ensure that the hydro account is transferred over to their name at the start of the Lease. There may be a deposit no more than $200 which will be returned by the hydro company at the end of the Lease term once the balance on the account has been fully paid off.
* The Landlord will require proof of completion of both of these items prior to the Tenant receiving keys to the suite.
Upon Closing
When the Tenant takes possession of the property (closing day), there may be a requirement for cash deposit for keys and access fobs from the Landlord. This amount can range from $100-$400 and will be fully returned to the Tenant after they are returned to the Landlord at the end of the Lease term.
The Tenant will be required to submit to the Landlord ten (10) post-dated cheques payable directly to the Landlord.
Sixty days prior to the end of the Lease term, the Tenant will then be responsible of notifying the Landlord if they wish to terminate the Lease or if they wish to renew the Lease.